Choreo LLC Takes Position in Globus Medical, Inc. (NYSE:GMED)

Choreo LLC bought a new position in shares of Globus Medical, Inc. (NYSE:GMED) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,611 shares of the medical device company’s stock, valued at approximately $517,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its position in shares of Globus Medical by 15.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after acquiring an additional 160 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Globus Medical by 0.4% during the second quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock valued at $3,145,000 after purchasing an additional 183 shares during the last quarter. Radnor Capital Management LLC boosted its position in shares of Globus Medical by 0.7% in the 1st quarter. Radnor Capital Management LLC now owns 29,101 shares of the medical device company’s stock valued at $1,561,000 after purchasing an additional 215 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in Globus Medical by 3.6% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 7,094 shares of the medical device company’s stock worth $378,000 after purchasing an additional 244 shares in the last quarter. Finally, Covestor Ltd raised its holdings in Globus Medical by 12.7% during the 1st quarter. Covestor Ltd now owns 2,243 shares of the medical device company’s stock worth $120,000 after buying an additional 252 shares during the period. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Price Performance

Shares of Globus Medical stock opened at $69.75 on Monday. The stock has a 50-day simple moving average of $70.84 and a 200-day simple moving average of $63.06. Globus Medical, Inc. has a 52-week low of $43.38 and a 52-week high of $74.21. The firm has a market cap of $9.44 billion, a price-to-earnings ratio of 108.99, a P/E/G ratio of 1.91 and a beta of 1.17.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.68 by $0.07. The company had revenue of $629.69 million during the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The company’s revenue for the quarter was up 115.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.63 earnings per share. As a group, equities research analysts predict that Globus Medical, Inc. will post 2.84 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GMED shares. Barclays lifted their target price on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Piper Sandler raised shares of Globus Medical from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $60.00 to $80.00 in a research note on Monday, May 20th. Truist Financial increased their target price on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. BTIG Research lifted their price target on Globus Medical from $75.00 to $77.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Finally, Royal Bank of Canada increased their price objective on Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and an average price target of $77.20.

Insiders Place Their Bets

In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the sale, the director now owns 16,419 shares of the company’s stock, valued at $1,149,330. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 18.54% of the company’s stock.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.